News Flash
- Gold Fields has delivered their interim report to June 2023.
- Solid performance despite prevailing headwinds.
- While balance sheet remains strong, with a net debt to EBITDA ratio of 0.42x at the end of June 2023, net debt increased by US$324m during H1 2023 to US$1,028m.
- This increase was driven by the initial US$222m payment for the Windfall acquisition, US$34m in Windfall pre- construction capital and the US$215m dividend payments.
- Excluding lease liabilities, the core net debt was US$629m at the end of H1 2023.
Our main takeaway:
Scope 1 and 2 CO2 emissions were 819kt for H1 2023 compared with 864kt during H1 2022, with the full impact of our recently commissioned renewable energy plants at the Gruyere and South Deep mines coming into play. These plants led to renewable energy in H1 2023 accounting for 16% of our total electricity consumption, an increase from 12% in H1 2022).
Link to their full interim report HERE
The South Deep Khanyisa solar plant with the Twin Shafts in the background
The R715m South Deep Khanyisa solar plant will enhance the sustainability of South Deep and contribute to Gold Fields’ long-term commitment to Net Zero. South Deep currently consumes around 494GWH of electricity per year which represents 10% of the mine’s annual costs and 93% of its carbon emissions. The solar plant can generate 50MW or 103GWh/year.
Author: Bryan Groenendaal
